Rakuten Trade Research Reports

Daily Market Report - 28 Nov 2023

Publish date: Tue, 28 Nov 2023, 09:31 AM
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News For The Day

FBM KLCI closed below the 1,450 level as trading remained lacklustre due to the lack of fresh catalysts coupled with weak performances across the region. Nonetheless, we expect bargain hunting activities to emerge anytime soon after 5 days of consecutive decline hence expect the index to hover within the 1,445-1,455 range today. FBM KLCI closed lower due to the persistent regional markets volatility and the absence of fresh catalysts. The benchmark index was down 0.40% or 5.77 pts to close at 1,448.15. Gainers were seen in plantation (+0.17%), utilities (+0.01%), and telecommunications (+0.10%); while losers were seen in property (-1.33%), industrial products & services (-1.07%), and health care (-0.87%). Market breadth was positive with 683 gainers against 287 losers. Total volume stood at 3.09bn shares valued at RM2.06bn.

Major regional indices trended negatively as market undertone remained cautious. HSI declined 0.20%, to end at 17,525.06. SHCOMP dropped 0.30%, to close at 3,031.70. Nikkei 225 eased 0.53%, to finish at 33,447.67. STI slid 0.27%, to close at 3,086.42.

Wall Street closed lower amid Cyber Monday madness. The DJIA dropped 0.16%, to end at 35,333.47. Nasdaq eased 0.07%, to close at 14,241.02.S&P500 eased 0.20%, to finish at 4,550.43.

UMW's 3Q net profit jumps 72% UMW Holdings' 3QFY12/23 net profit jumped 71.9% YoY to

RM173.11m from RM100.70m, as it recorded higher revenue with improved contributions from all its businesses, driven by sustained demand. Its quarterly revenue grew 19% YoY to RM4.83bn from RM4.06bn, with its automotive segment, its largest contributor showing a 17.4% increase in revenue to RM4.02bn.-The Edge Market

Spritzer’s 3Q net profit hit record high, up 49%

Spritzer’s 3QFY12/23 net profit surged 48.5% YoY to a record high of RM16.97m, from RM11.43m, as the company sold more bottles of drinking water amid recovery in tourism activities plus the hot weather. Its quarterly revenue grew 10.85% YoY to RM132.56m from RM119.59m mainly driven by an increase in sales volume of bottled water from the manufacturing segment. However, its trading segment, which is principally involved in the sale of plastic packaging materials, did not do well during the quarter under review.-The Edge Market

Guan Chong 3Q net profit rises to RM33.9m

GCB recorded a 10.1% YoY increase in 3QFY12/23 net profit to RM33.9m from RM30.8m, driven by improved operating profit from its industrial chocolate segment in Germany. The group’s revenue in 3Q23 grew 16.8% YoY to RM1.3bn, from RM1.1bn, as a result of higher average selling prices of cocoa butter and cocoa solids in tandem with the rising cocoa bean prices. The group declared a first interim single-tier dividend of 2.0 sen per share in FY23, with payment date on Jan 19, 2024. -The Star

MRCB 3Q net profit down on lower revenue

Malaysian Resources Corp (MRCB)’s 3QFY12/23 down 93.84% YoY net profit of RM1.46m from RM23.70m. Quarterly revenue declined 41.43% YoY to RM503.74m from RM860.02m due to much lower contributions from the property development and investment division, as well as the engineering, construction and environment division, following the completion of 3 major infrastructure construction projects last year and 2 major property development projects in 1HFY23.-The Edge Markets

Velesto secures contract extension worth US$74m

Velesto Energy said the contract between its unit Velesto Drilling SB and Carigali Hess Operating Company SB has been extended for another 1Y6M, with an estimated contract value of US$74m (RM346.39m). The contract, which entails the provision of a 10K jack up drilling rig, will commence from April 19, 2024 until Oct 18, 2025.-The Edge Market

Our Thoughts

Wall Street closed marginally lower as traders took a breather following a solid performance this month. As such, the DJI Average lost 57 points while the Nasdaq ended 10 points lower with the US 10-year yield dipping to 4.39%. Meanwhile, despite warnings from major retailers that consumer spending is weakening, many took this as a positive sign that the Federal Reserve’s tightening may have achieved the desirable effects in slowing inflation. Over in Hong Kong, the HSI declined 34 points as sentiment remain cautious ahead of China’s economic report which should suggest a slowdown from the lack of stimulus. Meanwhile, BYD shares tumbled amid a price war amongst the EV makers. On the home front, the

Source: Rakuten Research - 28 Nov 2023

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